Fitch rates KKR Financial preferreds BB+

Fitch Ratings said it expects to assign a BB+ rating to KKR Financial Holdings LLC's cumulative perpetual preferred stock issuance.

The preferred issuance will be callable after a period of five years and will be structurally subordinate to subordinated debt.

The proceeds are expected to be used for general corporate purposes, including payments made in connection with the repurchase, redemption or conversion of its outstanding senior indebtedness, Fitch said.

The stable outlook reflects an expectation that the company will continue to report stable asset quality and relatively consistent core operating performance over the intermediate term, the agency said.

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